Click on the printer you want to change. From the “Administration” drop down, select “Modify Printer”.

Log in with your local admin account

Select the new printer IP either from “Discovered Network Printers” or add it manually with “Other Network Printers”. Make sure that you keep the same connection protocol as it says in “Current Connection” (for me, this was LPD).

Once you’re done with this, Mac OS X will directly print to the new IP address. There is no need to reboot or so. If you want to disable the CUPS web interface again, run cupsctl WebInterface=no.